Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h +0.026%

Price spread now: Bitget against Phemex−0.095%46s7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1031.027% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.342%+$34 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.095%, 7d avg +0.037%

Together, before fees+0.462%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.132% cheaper against Phemex than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of +0.037%). If the spread goes back, that is −$13 on $10k: about 33 hours of funding at the current rate (+$9 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex CRCLUSDT	94.840	0	get 0.0000% / 4h	42m 29s	$1.0M	$51K	10x
Short	Bitget CRCLUSDT	94.750	0.0316	get 0.0316% / 8h	42m 29s	$16.9M	$35.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee BitgetbpOrdersPrice spread, now −0.095%Rate

Funding earned: $66.36
Price spread: −0.095% → +0.037%: −$13.17
Slippage, 4 orders: −$78.74
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$49.55
Costs to cover: 1.027%
Break-even: 12.2 days

Slippage from Phemex: live order book, just now; Bitget: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, just now	1.05 bp	44.8 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	1.58 bp	9.3 bp −$9	15.2 bp −$152	59.1 bp −$5,915	doesn't fit

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CRCL_USDT	0.0000%	8h	94.850	+0.011%	$7.3M	$27.5M	50x	as long as short
Phemex CRCLUSDTlong	0.0000%	4h	94.840	long leg	$1.0M	$51K	10x
QFEX CRCL-USD	+0.0022%	1h	94.820	−0.021%	$1.4M	$2.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0032%	1h	94.790	−0.053%	$943K	$725K	10x	as long as short
Vest CRCL-USD-PERP	+0.0046%	1h	94.760	−0.084%	—	$45K	25x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	94.720	−0.127%	$1.1M	$5.9M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0052%	1h	94.715	−0.132%	$2K	$21K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0061%	1h	94.732	−0.114%	$367K	$1.1M	10x	as long as short
SoDEX CRCL-USD	+0.0064%	1h	94.797	−0.045%	$48K	$3K	10x	as long as short
Lighter RH CRCL	+0.0088%	1h	94.872	+0.034%	$895K	$2.9M	10x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica CRCL	+0.0100%	1h	94.790	−0.053%	$76K	$99K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	94.720	−0.127%	$3.0M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	94.720	−0.127%	$70K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	94.810	−0.032%	$945	$3K	10x	as long as short
Bybit CRCLUSDT	+0.0102%	8h	94.770	−0.074%	$15.6M	$25.9M	50x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	94.839	−0.001%	$4	—	10x	as long as short
Variational Omni CRCL	+0.0122%	8h	94.663	−0.186%	$2.5M	$3.1M	—	as long as short
Paradex CRCL-USD-PERP	+0.0134%	8h	94.830	−0.011%	$778	$740	5x	as long as short
GRVT CRCL_USDT_Perp	+0.0165%	8h	94.850	+0.011%	$62K	$1.1M	10x	as long as short
Extended CRCL_24_5-USD	+0.0184%	1h	94.813	−0.028%	$1.1M	$3.8M	10x	as long as short
Binance CRCLUSDT	+0.0192%	8h	94.765	−0.079%	$109.6M	$389.7M	50x	as long as short
Aster CRCLUSDT	+0.0203%	8h	94.800	−0.042%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0206%	8h	94.770	−0.074%	$22.9M	$60.8M	50x	as long as short
edgeX CRCLUSDC	+0.0223%	4h	94.814	−0.027%	$24K	$269K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0270%	1h	94.725	−0.121%	$71.1M	$42.9M	10x	as long as short
Phoenix CRCL	+0.0288%	1h	94.878	+0.040%	$28K	$92K	10x	as long as short
Nado CRCL-PERP	+0.0305%	1h	94.662	−0.188%	$127K	$73K	3x	as long as short
BloFin CRCL-USDT	+0.0306%	8h	94.830	−0.011%	$1.1M	$595K	20x	as long as short
Bitget CRCLUSDTshort	+0.0316%	8h	94.750	−0.095%	$16.9M	$35.4M	25x
Injective CRCL/USDC PERP	+0.0440%	1h	95.560	+0.759%	$5K	$19K	30x	as long as short
Lighter CRCL	+0.0456%	1h	94.882	+0.044%	$3.1M	$2.2M	10x	as long as short
Arcus CRCL-USD	+0.0533%	1h	94.830	−0.011%	$97K	$275K	10x	as long as short
RISEx CRCL/USDC	+0.0534%	1h	94.830	−0.011%	$433K	$312K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0805%	1h	94.890	+0.053%	$4K	$772K	10x	as long as short